Give China the keys

So China, one of the few remaining Communist outposts in the 21st century, now knows it holds the hammer over the western economies.
It appears from today and yesterday's markets that if the Chinese threaten to stop imports/exports then the major indexes plummet - the DOW Jones, the FTSE, the NASDAQ all slumped by huge differences because China has indicated it may limit imports and exports.
So now, should China want to flex its muscles to show that it really is the next superpower - all it has to do is threaten the world economies by calling an end to imports?? Scary, no?